Tax Time: Understanding Form 1095-A and Your ACA Tax Credit

Understanding Form 1095-A

Form 1095-A plays a crucial role in the Affordable Care Act (ACA), also known as Obamacare. This form summarizes your health insurance coverage and any premium tax credits you received throughout the year. It’s vital to have this form when filing your taxes, as it reports the amount of tax credit you received, which affects your tax liability.

Who Receives Form 1095-A?

Individuals and families who obtained health insurance through a Health Insurance Marketplace (also known as the Obamacare Exchange) receive Form 1095-A. You’ll typically receive this form in January or early February of the year following the coverage year.

When You Don’t Receive Form 1095-A

If you don’t receive your 1095-A by the end of February, don’t panic. There are several reasons why you may not have received it:

You didn’t have health insurance coverage through the Marketplace.
Your coverage was through an employer-sponsored plan.
You paid full price for your insurance and didn’t receive any tax credits.
The insurance company or Marketplace made an error.

What if You Paid Full Price But Are Eligible for a Tax Credit?

As mentioned earlier, you will not receive a 1095-A if you paid full price for your insurance and didn’t receive any tax credits. However, you may still be eligible for a tax credit. To claim your credit, you need to complete Form 8962, Premium Tax Credit, when you file your taxes.

How to Get Your Tax Credit if You Don’t Have a 1095-A

If you don’t have your 1095-A but believe you received a tax credit, you can still file your taxes. You’ll need to:

1. Contact your insurance company and request a copy of your 1095-A.
2. If the insurance company can’t provide a 1095-A, contact the Marketplace at 1-800-318-2596.
3. Estimate the amount of tax credit you received based on your income and family size. Report this amount on Form 8962 when you file your taxes.

Seeking Professional Help

If you’re having difficulties understanding your ACA tax credit situation, consider seeking professional help from a licensed health insurance agent or tax preparer. They can assist you in determining your eligibility, accessing necessary forms, and filing your taxes accurately.